Cassava Sciences (NASDAQ:FLNA) Stock Price Up 1.7% – What’s Next?

Cassava Sciences, Inc. (NASDAQ:FLNA)’s stock price shot up 1.7% during mid-day trading on Monday . The stock traded as high as $1.24 and last traded at $1.22. 215,678 shares changed hands during trading, a decline of 34% from the average session volume of 324,342 shares. The stock had previously closed at $1.20.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FLNA shares. Weiss Ratings lowered Cassava Sciences from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, April 22nd. Wall Street Zen downgraded Cassava Sciences from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Finally, Maxim Group restated a “buy” rating and set a $5.00 price objective on shares of Cassava Sciences in a research report on Tuesday, May 26th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.00.

Cassava Sciences Trading Up 1.7%

The firm’s fifty day moving average price is $1.37 and its 200 day moving average price is $1.86. The firm has a market capitalization of $58.94 million, a PE ratio of -0.76 and a beta of -0.72.

Cassava Sciences (NASDAQ:FLNA) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.21) earnings per share (EPS) for the quarter.

Institutional Investors Weigh In On Cassava Sciences

Several large investors have recently made changes to their positions in the company. Mayport LLC bought a new position in Cassava Sciences during the third quarter valued at approximately $39,000. Caitong International Asset Management Co. Ltd grew its position in Cassava Sciences by 465.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 13,606 shares of the company’s stock worth $27,000 after acquiring an additional 11,200 shares in the last quarter. Invesco Ltd. bought a new stake in Cassava Sciences in the fourth quarter worth approximately $36,000. Jump Financial LLC acquired a new position in shares of Cassava Sciences during the 2nd quarter worth $50,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in shares of Cassava Sciences during the 4th quarter worth $63,000. Institutional investors own 38.05% of the company’s stock.

Cassava Sciences Company Profile

Cassava Sciences, Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapies and diagnostics for Alzheimer’s disease and related neurodegenerative disorders. Headquartered in Austin, Texas, the company was originally founded as Pain Therapeutics in 1998 and rebranded to Cassava Sciences in 2017. Cassava’s research program centers on small molecules designed to address underlying mechanisms of neurodegeneration rather than solely targeting amyloid plaques or tau tangles.

The company’s lead drug candidate, simufilam (formerly PTI-125), is a proprietary small molecule that aims to restore normal shape and function to the scaffolding protein filamin A, which has been implicated in impaired neuronal signaling and inflammation in Alzheimer’s patients.